Nevada's Energy Portfolio Standard requires NV Energy to derive or save a minimum percentage of the electricity it sells from renewable energy resources or energy efficiency measures. Included in the standard is a Portfolio Energy Credit (PEC) trading program.

Beginning January 1, 2003, Nevada's renewable energy producers can earn PECs, which can then be sold to utilities that are required to meet Nevada's portfolio standard. One PEC represents one kilowatt-hour (kWh) of electricity generated, with the exception of the multipliers described below.

Each kWh generated by a photovoltaic (PV) system installed on the premises of a retail customer on or before December 31, 2015 will be credited with 2.4 PECs. This multiplier will end for new solar systems installed after that date, but will continue for existing net metered solar PV systems. Customer-maintained distributed renewable energy systems receive a 0.05 adder for each kilowatt-hour generated. For example, a distributed PV system that is also customer-maintained would be credited 2.45 for each kilowatt-hour generated. Energy efficiency resources receive a multiplier of 1.05, and a multiplier of 2.0 if they save electricity during periods of peak utility load. Solar thermal energy systems are credited with 1 kilowatt-hour of electricity for each 3,412 British thermal units of heat generated. Finally, each kilowatt-hour of electricity generated by eligible waste tire facilities is credited at 0.7.

In order to participate, owners of renewable energy systems must contact the Public Utilities Commission of Nevada (PUCN) to register their system. A very simple application form is available on the PUCN web site. The value of a PEC is market-driven.

Owners of PV, wind, or hydro systems installed through NV Energy's RenewableGenerations (rebate) Program do not retain the PECs associated with their electricity generation, and thus are not eligible to trade certificates through this program. Owners of all other net metered systems retain the PECs unless stipulated in writing with the utility.